Business Strategy: IT Executives Survey Results - Can 2010 Get Here Soon Enough?

This IDC Financial Insights report discusses the results from IDC's 2009 Annual Verticals Survey. As IT spend among North American banking institutions will slip to $51 billion in 2010, financial institution executives are sharply focused on maximizing IT budgets that include delaying new and innovative IT projects in favor of essentials such as compliance and fraud management. The survey findings from 348 banking institution IT executives and managers provide insight to both financial institutions and vendors on how financial institutions are managing IT budgets through this economic crisis.

"In the wake of IT staff reductions and delayed projects, IT investment priorities are focusing on improving sales, retaining existing customers, and containing costs," according to Karen Massey, senior analyst, Consumer Banking, IDC Financial Insights. "However, financial institutions, and the vendors that serve, must keep innovation on the strategic radar to meet the needs of increasingly complex and demanding customers as the economy recovers."